Pages

Saturday, 15 November 2014

Ex wife rejects $1b divorce settlement

Sue Ann Hamm, the ex-wife of Oklahoma oil magnate Harold Hamm who was awarded cash and assets worth more than $1 billion in the couple's divorce this week, plans to appeal the judgment on grounds that it grossly undervalues the marital wealth she is entitled to.

Feeling shortchanged by a ruling that allows the Continental Resources (CLR.N) chief executive officer to keep around 94 percent of the estimated $18 billion rise in his Continental shares during a 26-year marriage, Sue Ann Hamm will appeal within a few weeks, one of her lawyers, Ron Barber, told Reuters on Thursday.

She believes the decision was "not equitable," Barber said.

On Monday, Oklahoma County Court Judge Howard Haralson ordered the CEO, who is believed to own more oil than any other American, to pay his ex-wife $995 million. The ruling allows her to keep additional assets, including a California ranch and an Oklahoma home, worth tens of millions more.

The Hamm v. Hamm divorce judgment is one of the largest in U.S. history, but Sue Ann's award is a small fraction of the wealth Haralson allowed Harold Hamm to keep.

He holds more than 68 percent of Continental's stock, a stake valued at around $13.5 billion today. It was worth more than $18 billion before the 9 1/2-week divorce trial began in August. Continental shares have fallen sharply since then, in line with global oil prices.

Haralson ruled that $1.4 billion of the growth in his Continental shares during the marriage was "marital capital" to be split with Sue Ann. The rest was awarded to Harold as “separate property.”

“Sue Ann is disappointed in the outcome of this case. She dedicated 25 years as Harold’s faithful partner in family and business,” Barber said.